General Growth Properties, Inc. (the "Company" or "GGP") (GGP )
today reported results for the three and nine months ended September 30,
2016.

Highlights

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Company Same Store Net Operating Income ("Company Same Store NOI")
increased 3.8% and 4.2% from the prior year period for the three and
nine months ended September 30, 2016, respectively.

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Company earnings before interest, taxes, depreciation and amortization
("Company EBITDA") increased 4.6% and 10.3% from the prior year period
for the three and nine months ended September 30, 2016, respectively.

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Same Store leased percentage was 96.7% at quarter end.

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Initial rental rates for signed leases that have commenced in the
trailing 12 months on a suite-to-suite basis increased 12.0% when
compared to the rental rate for expiring leases.

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The Company formed a joint venture with Simon Property Group and
Authentic Brands Group LLC to acquire Aeropostale, Inc. GGPs total
investment was $20.4 million.

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During and subsequent to quarter end, the Company acquired five anchor
boxes from Macys for approximately $48 million.

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The Company declared a fourth quarter common stock dividend, an
increase of 16% over the prior year.

GAAP Operating Results

For the three months ended September 30, 2016, net income attributable
to GGP was $674 million, or $0.70 per diluted share, as compared to $124
million, or $0.13 per diluted share, in the prior year period. For the
nine months ended September 30, 2016, net income attributable to GGP was
$1.1 billion, or $1.09 per diluted share, as compared to $1.2 billion,
or $1.23 per diluted share, in the prior year period. Net income
attributable to GGP in 2016 and 2015 for the three and nine months was
impacted primarily by the gains related to the sales of a partial
interest in two properties.

Company Operating Results

For the three months ended September 30, 2016, Company Funds From
Operations ("Company FFO") was $336 million, or $0.35 per diluted share,
as compared to $341 million, or $0.36 per diluted share, in the prior
year period, a decrease of 2.0%. For the nine months ended September 30,
2016, Company FFO was $1.1 billion, or $1.10 per diluted share, as
compared to $969 million, or $1.01 per diluted share, in the prior year
period, an increase of 9.2%.

The Companys development and redevelopment activities total $1.0
billion, of which approximately $0.6 billion is under construction and
$0.4 billion is in the pipeline.

Financing Activities

During the third quarter, the Company repaid the mortgage loan on the
Mall of Louisiana for approximately $202 million with an interest rate
of 5.8%, repaid the mortgage loan on Apache Mall for approximately $93
million with an interest rate of 4.3%, and repaid $90 million that was
outstanding on the credit facility.

Dividends

On October 31, 2016, the Companys Board of Directors declared a fourth
quarter common stock dividend of $0.22 per share payable on January 6,
2017, to stockholders of record on December 15, 2016. This represents an
increase of $0.03 per share or 16% growth over the dividend declared for
the fourth quarter of 2015.

The Board of Directors also declared a quarterly dividend on the 6.375%
Series A Cumulative Redeemable Preferred Stock of $0.3984 per share
payable on January 3, 2017, to stockholders of record on December 15,
2016.

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Includes impact of straight-line rent, above/below market rent,
gain/loss on foreign currency and the related provision for income
taxes, and other items. For discussion on the purpose and use of these
adjustments please see the Non-GAAP Supplemental Financial Measures
and Definitions section.

The guidance estimate reflects managements view of current and future
market conditions, including assumptions with respect to Company Same
Store NOI and Operating Income growth, rental rates, occupancy levels,
retail sales, variable expenses, interest rates and the earnings impact
of the events referenced in this release and previously disclosed. The
guidance also reflects managements view of capital market conditions.
The estimates do not include future gains or losses, or the impact on
operating results from future property acquisitions or dispositions or
capital market activity. Earnings per share estimates may be subject to
fluctuations as a result of several factors, including any gains or
losses associated with disposition activity. By definition, FFO and
Company FFO exclude real estate-related depreciation and amortization,
provisions for impairment, or gains or losses associated with property
disposition activities. This guidance is a forward-looking statement and
is subject to the risks and other factors described elsewhere in this
release and in the Companys annual and quarterly periodic reports filed
with the Securities and Exchange Commission.

Investor Conference Call

On Tuesday, November 1, 2016, the Company will host a conference call at
8:00 a.m. Central (9:00 a.m. Eastern). The conference call will be
accessible by telephone and through the Internet. Interested parties can
access the call by dialing 877.845.1018 (international 707.287.9345). A
live webcast of the conference call will be available in listen-only
mode in the Investors section at www.ggp.com.
Interested parties should access the conference call or website 10
minutes prior to the beginning of the call in order to register. For
those unable to listen to the call live, a replay will be available
after the conference call event. To access the replay, dial 855.859.2056
(international 404.537.3406) conference ID 87693982.

Supplemental Information

The Company has prepared a supplemental information report available on www.ggp.com
in the Investors section. This information also has been furnished with
the Securities and Exchange Commission as an exhibit on Form 8-K.

Forward-Looking Statements

Certain statements made in this press release may be deemed
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Although the Company believes
the expectations reflected in any forward-looking statement are based on
reasonable assumptions, it can give no assurance that its expectations
will be attained, and it is possible that actual results may differ
materially from those indicated by these forward-looking statements due
to a variety of risks, uncertainties and other factors. Such factors
include, but are not limited to, the Companys ability to refinance,
extend, restructure or repay near and intermediate term debt, its
indebtedness, its ability to raise capital through equity issuances,
asset sales or the incurrence of new debt, retail and credit market
conditions, impairments, its liquidity demands, and economic conditions.
The Company discusses these and other risks and uncertainties in its
annual and quarterly periodic reports filed with the Securities and
Exchange Commission. The Company may update that discussion in its
periodic reports, but otherwise takes no duty or obligation to update or
revise these forward-looking statements, whether as a result of new
information, future developments, or otherwise.

Investors and others should note that we post our current Investor
Presentation on the Investors page of our website at www.ggp.com.
From time to time, we update that Investor Presentation and when we do,
it will be posted on the Investors page of our website at ggp.com. It is
possible that the updates could include information deemed to be
material information. Therefore, we encourage investors, the media and
others interested in our company to review the information we post on
the Investors page of our website at www.investor.ggp.com
from time to time.

General Growth Properties, Inc.

General Growth Properties, Inc. is an S&P 500 company focused
exclusively on owning, managing, leasing and redeveloping high-quality
retail properties throughout the United States. GGP is headquartered in
Chicago, Illinois, and publicly traded on the NYSE under the symbol GGP.

Non-GAAP Supplemental Financial Measures and Definitions

Proportionate or At Share Basis

The following Non-GAAP supplemental financial measures are all presented
on a proportionate basis. The proportionate financial information
presents the consolidated and unconsolidated properties at the Companys
ownership percentage or "at share". This form of presentation offers
insights into the financial performance and condition of the Company as
a whole, given the significance of the Companys unconsolidated property
operations that are owned through investments accounted for under GAAP
using the equity method.

The proportionate financial information is not, and is not intended to
be, a presentation in accordance with GAAP. The non-GAAP proportionate
financial information reflects our proportionate economic ownership of
each asset in our property portfolio that we do not wholly own. The
amounts shown in the columns labeled "Consolidated Properties at Share"
reflect the Companys Consolidated Properties at our proportionate share
(excluding noncontrolling interests and unconsolidated properties). The
amounts in the column labeled "Unconsolidated Properties" were derived
on a property-by-property basis by including our share of each line item
from each individual entity. This provides visibility into our share of
the operations of our joint ventures.

We do not control the unconsolidated joint ventures and the
presentations of the assets and liabilities and revenues and expenses do
not represent our legal claim to such items. The operating agreements of
the unconsolidated joint ventures generally provide that partners may
receive cash distributions (1) to the extent there is available cash
from operations, (2) upon a capital event, such as a refinancing or sale
or (3) upon liquidation of the venture. The amount of cash each partner
receives is based upon specific provisions of each operating agreement
and varies depending on factors including the amount of capital
contributed by each partner and whether any contributions are entitled
to priority distributions. Upon liquidation of the joint venture and
after all liabilities, priority distributions and initial equity
contributions have been repaid, the partners generally would be entitled
to any residual cash remaining based on their respective legal ownership
percentages.

We provide Non-GAAP proportionate financial information because we
believe it assists investors and analysts in estimating our economic
interest in our unconsolidated joint ventures when read in conjunction
with the Companys reported results under GAAP. Other companies in our
industry may calculate their proportionate interest differently than we
do, limiting the usefulness as a comparative measure. Because of these
limitations, the Non-GAAP proportionate financial information should not
be considered in isolation or as a substitute for our financial
statements as reported under GAAP.

Net Operating Income ("NOI"), Company NOI and Company Same Store NOI

The Company defines NOI as proportionate income from operations and
after operating expenses have been deducted, but prior to deducting
financing, property management, administrative and income tax expenses.
NOI excludes management fees and other corporate revenue and reductions
in ownership as a result of sales or other transactions. The Company
considers NOI a helpful supplemental measure of its operating
performance because it is a direct measure of the actual results of our
properties. Because NOI excludes reductions in ownership as a result of
sales or other transactions, management fees and other corporate
revenue, general and administrative and property management expenses,
interest expense, retail investment property impairment or
non-recoverable development costs, depreciation and amortization, gains
and losses from property dispositions, allocations to noncontrolling
interests, provision for income taxes, preferred stock dividends, and
extraordinary items, it provides a performance measure that, when
compared year over year, reflects the revenues and expenses directly
associated with owning and operating commercial real estate properties
and the impact on operations from trends in occupancy rates, rental
rates and operating costs.

The Company also considers Company NOI to be a helpful supplemental
measure of its operating performance because it excludes from NOI items
such as straight-line rent, and amortization of intangibles resulting
from acquisition accounting and other capital contribution or
restructuring events. However, due to the exclusions noted, Company NOI
should only be used as an alternative measure of the Companys financial
performance.

We present Company NOI, Company EBITDA and Company FFO (as defined
below); as we believe certain investors and other users of our financial
information use these measures of the Companys historical operating
performance.

Adjustments to NOI, EBITDA and FFO, including debt extinguishment costs,
market rate adjustments on debt, straight-line rent, intangible asset
and liability amortization, real estate tax stabilization, gains and
losses on foreign currency and other items that are not a result of
normal operations, assist management and investors in distinguishing
whether increases or decreases in revenues and/or expenses are due to
growth or decline of operations at the properties or from other factors.
In addition, the Companys leases include step rents that increase over
the term of the lease to compensate the Company for anticipated
increases in market rentals over time. The Companys leases do not
include significant front loading or back loading of payments or
significant rent-free periods. Therefore, we find it useful to evaluate
rent on a contractual basis as it allows for comparison of existing
rental rates to market rental rates. Management has historically made
these adjustments in evaluating our performance, in our annual budget
process and for our compensation programs.

The Company defines Company Same Store NOI as Company NOI excluding
periodic effects of acquisitions of new properties and certain
redevelopments (for the list of properties included in Company Same
Store NOI see the Property Schedule in our Supplemental Information). We
do not include an acquired property in our Company Same Store NOI until
the operating results for that property have been included in our
consolidated results for one full calendar year. Properties that we sell
are excluded from Company NOI and Company Same Store NOI for all periods
once the transaction has closed.

The Company considers Company Same Store NOI a helpful supplemental
measure of its operating performance because it assists management and
investors in distinguishing whether increases or decreases in revenues
and/or expenses are due to growth or decline of operations at comparable
properties or from other factors, such as the effect of acquisitions.
For these reasons, we believe that Company Same Store NOI, when combined
with GAAP operating income provides useful information to investors and
management.

Other REITs may use different methodologies for calculating, NOI,
Company NOI and Company Same Store NOI, and accordingly, the Companys
Company Same Store NOI may not be comparable to other REITs. As a result
of the elimination of corporate-level costs and expenses and
depreciation and amortization, the Company Same Store NOI we present
does not represent our total revenues, expenses, operating profit or net
income and should not be used to evaluate our performance as a whole.
Management compensates for these limitations by separately considering
the impact of these excluded items, to the extent they are material, to
operating decisions or assessments of our operating performance. Our
consolidated GAAP statements of operations include such amounts, all of
which should be considered by investors when evaluating our performance.

Earnings Before Interest Expense, Income Tax, Depreciation, and
Amortization ("EBITDA") and Company EBITDA

The Company defines EBITDA as NOI less certain property management and
administrative expenses, net of management fees and other corporate
revenues. EBITDA is a commonly used measure of performance in many
industries, but may not be comparable to measures calculated by other
companies. Management believes EBITDA provides useful information to
investors regarding our results of operations because it helps us and
our investors evaluate the ongoing operating performance of our
properties after removing the impact of our capital structure (primarily
interest expense) and our asset base (primarily depreciation and
amortization). Management also believes the use of EBITDA facilitates
comparisons between us and other equity REITs, retail property owners
who are not REITs and other capital-intensive companies. Management uses
Company EBITDA to evaluate property-level results and as one measure in
determining the value of acquisitions and dispositions and, like FFO and
Same Store NOI (discussed below), it is widely used by management in the
annual budget process and for compensation programs. Please see
adjustments discussion above for the purpose and use of the adjustments
included in Company EBITDA.

EBITDA and Company EBITDA, as presented, may not be comparable to
similar measures calculated by other companies. This information should
not be considered as an alternative to net income, operating profit,
cash from operations or any other operating performance measure
calculated in accordance with GAAP.

Funds From Operations ("FFO") and Company FFO

The Company determines FFO based upon the definition set forth by
National Association of Real Estate Investment Trusts ("NAREIT"). The
Company determines FFO to be its share of consolidated net income (loss)
computed in accordance with GAAP, excluding real estate related
depreciation and amortization, excluding gains and losses from
extraordinary items, excluding cumulative effects of accounting changes,
excluding gains and losses from the sales of, or any impairment charges
related to, previously depreciated operating properties, plus the
allocable portion of FFO of unconsolidated joint ventures based upon the
Companys economic ownership interest, and all determined on a
consistent basis in accordance with GAAP. As with the Companys
presentation of NOI, FFO has been reflected on a proportionate basis.

The Company considers FFO a helpful supplemental measure of the
operating performance for equity REITs and a complement to GAAP measures
because it is a recognized measure of performance by the real estate
industry. FFO facilitates an understanding of the operating performance
of the Companys properties between periods because it does not give
effect to real estate depreciation and amortization since these amounts
are computed to allocate the cost of a property over its useful life.
Since values for well-maintained real estate assets have historically
increased or decreased based upon prevailing market conditions, the
Company believes that FFO provides investors with a clearer view of the
Companys operating performance.

We calculate FFO in accordance with standards established by NAREIT,
which may not be comparable to measures calculated by other companies
who do not use the NAREIT definition of FFO or do not calculate FFO in
accordance with NAREIT guidance. In addition, although FFO is a useful
measure when comparing our results to other REITs, it may not be helpful
to investors when comparing us to non-REITs. As with the presentation of
Company NOI and Company EBITDA, we also consider Company FFO, which is
not in accordance with NAREIT guidance and may not be comparable to
measures calculated by other REITs, to be a helpful supplemental measure
of our operating performance. Please see adjustments discussion above
for the purpose and use of the adjustments included in Company FFO.

FFO and Company FFO do not represent cash flow from operations as
defined by GAAP, should not be considered as an alternative to net
income determined in accordance with GAAP as a measure of operating
performance, and is not an alternative to cash flows as a measure of
liquidity or indicative of funds available to fund our cash needs. In
addition, Company FFO per diluted share does not measure, and should not
be used as a measure of, amounts that accrue directly to stockholders
benefit.

The Company presents NOI, EBITDA and FFO as they are financial measures
widely used in the REIT industry. In order to provide a better
understanding of the relationship between the Companys non-GAAP
financial measures of NOI, Company NOI, EBITDA, Company EBITDA, FFO and
Company FFO, reconciliations have been provided as follows: a
reconciliation of GAAP operating income to Company NOI and Company Same
Store NOI, a reconciliation of GAAP net income attributable to GGP to
EBITDA and Company EBITDA, and a reconciliation of GAAP net income
attributable to GGP to FFO and Company FFO. None of the Companys
non-GAAP financial measures represents cash flow from operating
activities in accordance with GAAP, none should be considered as an
alternative to GAAP net income (loss) attributable to GGP and none are
necessarily indicative of cash flow. In addition, the Company has
presented such financial measures on a consolidated and unconsolidated
basis (at the Companys proportionate share) as the Company believes
that given the significance of the Companys operations that are owned
through investments accounted for by the equity method of accounting,
the detail of the operations of the Companys unconsolidated properties
provides important insights into the income and FFO produced by such
investments.